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AI 銘柄分析 · 10年

IMCD N.V.

IMCD · EUR · 分析基準日 2026-11-06

IMCD：専門化学品流通の10年評価

10年期待年率4.58%
資本コスト9.50%
直近終値102.75 EUR2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

専門化学品の地域別流通網を評価し、買収支出、無形資産の償却、運転資本、設備投資、株式報酬を考慮します。基準日時点の株数は2026年6月の自己株を用いた代理値で、9月末財務の一部と将来の買収・配当・税は推計です。終値は二次資料で照合。将来の業績や収益は確定していません。

要約の補足

assessment

IMCDは理解可能な技術型特殊化学品流通で中程度以上の堀がある。しかし永続的な供給契約ではなく、リスクの本体は運転資本・買収対価・のれん・北米景気。EBITAや会社APM FCFをそのまま普通株主FCFEとは見なさない。

judgement_2026_11_06

単独投資候補としてモートの質に比し買収と負債を要監視。安全余裕は全55期間の現金と残存持分から決定。

data_limitations

Euronext official day-specific price ORIGINAL not confirmed; 2026-11-06 close EUR102.75 used based on independent secondary providers only. 9M is not complete IAS34 balance sheet; Nov6 float and gross debt/cash/equity proxy; Merit price/PPA unknown. Future M&A and amortization ratios are assumptions.

terminal_reinvestment_2037_revision

2036 stub acquisition paid annualized to 2037 in all five scenarios; FY2037 attributable IFRS NI tax bridge adjusted for observed amort-related credit; legacy 2037 acquired PPA 10-year runoff and new M&A 30%-over-10-year finite identifiable amort; owner FCFE and SBC share-neutral cash purchase explicit 2037-2046 plus 2047 perpetual; 55 rows unchanged.

value_conclusion

The previous assumed EUR1.0 oku 2037 base acquisition spend versus 2036 EUR2.523 oku annualized cannot be assumed sustainable without an organic/retention investment story. Revised selected IRR is a cautious MODEL assumption, not an objectively observed fair value.

結論の補足

holder_expected_IRR
0.0458194173
fair_value_per_share_eur
68.6644846
entry_price_eur
102.75
price_gap
-0.3317325
owner_outlook

terminal_reinvestment_high_sensitivity; no_proven_margin_of_safety

valuation_quality

company 2025 and H1/9M 2026 evidence; future MA, PPA and tax shield proxy unverified; 2037+ explicit cashflow /2047 terminal DCF

safety_conclusion

2026-11-06 quoted EUR102.75 versus uncertainty-bounded owner equity: use real 2036 MA rate rather than unsupported 2037 cut; do not treat amort as permanent income; tax credits are a proxy not cash tax certainty.

事業

専門化学品・原料をメーカーと顧客の間で流通・技術支援する事業。地域分散と供給先・顧客との関係が競争力の源泉です。

競争力・事業の質

技術支援と調達網に強みがある一方、買収の価格・統合、顧客需要、運転資本と借入が重要です。

業界と環境

化学・食品・医薬品などの産業需要、供給元の販売方針、為替動向の影響を受けます。

財務・資本配分

成長維持に要する買収・運転資本・設備投資と株式報酬を、株主への現金還元と区別して評価します。

評価の前提と確認

直近の利益や市場PERをそのまま価値とせず、再投資後の将来キャッシュフローと買収支出の感応度を検討します。

資本コストの前提

資本コスト
9.50%
k_type

common_equity_required_return_assumption

terminal_method

2037-2046_explicit_EQUITY_owner_FCFE_with_PPA_runoff_then_2047_Gordon_terminal_and_SBC_share_neutral_hedge

terminal_year_discount_exponent
10.001368925394
holder_cashflow_year_basis

ACT/365.25

calendar_anniversary_ending
はい
end_actual_days
3653
end_ACT36525_year
10.001368925394
no_halfway_year5_lump_used_for_timed_cashflows
はい
terminal_is_calendar_10_year_anniversary_but_ACT_365_25_exponent
はい

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億EUR。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ確率株主還元・追加負担終価
強気10.0%24.27149.76
やや強気20.0%20.3393.67
中立45.0%18.2268.19
やや弱気20.0%12.3538.97
弱気5.0%7.4824.63

強気（確率 10.0%）

全地域で数量回復、APACの技術営業と買収の高収益化が進展。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

やや強気（確率 20.0%）

特産品物流の付加価値と新興国拡大が継続。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

中立（確率 45.0%）

有機成長と適切な買収により売上拡大。ただし北米・競争と資本コストを保守的に反映。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

やや弱気（確率 20.0%）

北米低迷と調達コスト、買収収益低下。資金負担を抑制。

確率の根拠

シナリオ確率は分析上の仮定。

事業別の前提

1
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名称

EMEA

数量
1
価格・単価
30.350249831
営業利益
未確認
2
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名称

Americas

数量
1
価格・単価
15.523229975
営業利益
未確認
3
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名称

Asia_Pacific

数量
1
価格・単価
19.629626272
営業利益
未確認

日付別キャッシュフロー

1
内容を開く
想定日

2027-02-19

year
0.287474332649
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

2
内容を開く
想定日

2027-04-29

year
0.476386036961
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

3
内容を開く
想定日

2027-05-04

year
0.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2027-05-05

payment_date

2027-05-07

ex_date_model_context

2027-05-04

4
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想定日

2027-05-05

year
0.492813141684
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

5
内容を開く
想定日

2027-05-07

year
0.498288843258
種類

cash_dividend_to_original_cohort

金額
1.100426659251
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2026配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.1004266593
eligible_float_shares
59044962
old_cohort_shares_at_ex
59044962
old_share_fraction_ex
1
ex_date

2027-05-04

record_date

2027-05-05

payment_date

2027-05-07

payment_right_assumption

hold_at_ex_date

6
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想定日

2027-06-15

year
0.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
59044962
treasury_shares_after
48037
old_ownership_before
1
old_ownership_after
0.999746020832
7
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想定日

2027-09-15

year
0.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.030971256948
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.030979125
corporate_shares_repur
30000
buyback_eur_per_share_assumed
103.26375
old_cohort_tendered_shares
29992.380625
old_cohort_shares_remaining
59014969.619375
fraction_before
0.999746020832
fraction_after
0.999746020832
8
内容を開く
想定日

2028-02-17

year
1.281314168378
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

9
内容を開く
想定日

2028-04-26

year
1.47022587269
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

10
内容を開く
想定日

2028-05-04

year
1.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2028-05-05

payment_date

2028-05-09

ex_date_model_context

2028-05-04

11
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想定日

2028-05-05

year
1.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

12
内容を開く
想定日

2028-05-09

year
1.505817932923
種類

cash_dividend_to_original_cohort

金額
1.098884153322
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2027配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.0991633179
eligible_float_shares
59029962
old_cohort_shares_at_ex
59014969.61938
old_share_fraction_ex
0.999746020832
ex_date

2028-05-04

record_date

2028-05-05

payment_date

2028-05-09

payment_right_assumption

hold_at_ex_date

13
内容を開く
想定日

2028-06-15

year
1.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
59014969.61938
treasury_shares_after
63037
old_ownership_before
0.999746020832
old_ownership_after
0.999492041664
14
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想定日

2028-09-15

year
1.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.03111820584
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0311340206
corporate_shares_repur
30000
buyback_eur_per_share_assumed
103.780069
old_cohort_tendered_shares
29984.7612499
old_cohort_shares_remaining
58984984.858125
fraction_before
0.999492041664
fraction_after
0.999492041664
15
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想定日

2029-02-19

year
2.288843258042
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

16
内容を開く
想定日

2029-04-30

year
2.480492813142
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

17
内容を開く
想定日

2029-05-04

year
2.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2029-05-07

payment_date

2029-05-09

ex_date_model_context

2029-05-04

18
内容を開く
想定日

2029-05-07

year
2.499657768652
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

19
内容を開く
想定日

2029-05-09

year
2.505133470226
種類

cash_dividend_to_original_cohort

金額
1.097561477329
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2028配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.0981192762
eligible_float_shares
59014962
old_cohort_shares_at_ex
58984984.85813
old_share_fraction_ex
0.999492041664
ex_date

2029-05-04

record_date

2029-05-07

payment_date

2029-05-09

payment_right_assumption

hold_at_ex_date

20
内容を開く
想定日

2029-06-15

year
2.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58984984.85813
treasury_shares_after
78037
old_ownership_before
0.999492041664
old_ownership_after
0.999238062497
21
内容を開く
想定日

2029-09-17

year
2.86379192334
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.031265849939
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0312896907
corporate_shares_repur
30000
buyback_eur_per_share_assumed
104.298969
old_cohort_tendered_shares
29977.1418749
old_cohort_shares_remaining
58955007.71625
fraction_before
0.999238062497
fraction_after
0.999238062497
22
内容を開く
想定日

2030-02-19

year
3.288158795346
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

23
内容を開く
想定日

2030-04-29

year
3.477070499658
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

24
内容を開く
想定日

2030-05-06

year
3.496235455168
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2030-05-07

payment_date

2030-05-09

ex_date_model_context

2030-05-06

25
内容を開く
想定日

2030-05-07

year
3.498973305955
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

26
内容を開く
想定日

2030-05-09

year
3.504449007529
種類

cash_dividend_to_original_cohort

金額
1.033688325441
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2029配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.0344765319
eligible_float_shares
58999962
old_cohort_shares_at_ex
58955007.71625
old_share_fraction_ex
0.999238062497
ex_date

2030-05-06

record_date

2030-05-07

payment_date

2030-05-09

payment_right_assumption

hold_at_ex_date

27
内容を開く
想定日

2030-06-17

year
3.611225188227
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58955007.71625
treasury_shares_after
93037
old_ownership_before
0.999238062497
old_ownership_after
0.998984083329
28
内容を開く
想定日

2030-09-16

year
3.860369609856
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.031414192525
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0314461392
corporate_shares_repur
30000
buyback_eur_per_share_assumed
104.820464
old_cohort_tendered_shares
29969.5224999
old_cohort_shares_remaining
58925038.19375
fraction_before
0.998984083329
fraction_after
0.998984083329
29
内容を開く
想定日

2031-02-19

year
4.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

30
内容を開く
想定日

2031-04-28

year
4.473648186174
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

31
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想定日

2031-05-05

year
4.492813141684
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2031-05-06

payment_date

2031-05-08

ex_date_model_context

2031-05-05

32
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想定日

2031-05-06

year
4.495550992471
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

33
内容を開く
想定日

2031-05-08

year
4.501026694045
種類

cash_dividend_to_original_cohort

金額
1.182675149473
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2030配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.1838778707
eligible_float_shares
58984962
old_cohort_shares_at_ex
58925038.19375
old_share_fraction_ex
0.998984083329
ex_date

2031-05-05

record_date

2031-05-06

payment_date

2031-05-08

payment_right_assumption

hold_at_ex_date

34
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想定日

2031-06-16

year
4.607802874743
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58925038.19375
treasury_shares_after
108037
old_ownership_before
0.998984083329
old_ownership_after
0.998730104161
35
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想定日

2031-09-15

year
4.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.03156323689
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0316033699
corporate_shares_repur
30000
buyback_eur_per_share_assumed
105.344566
old_cohort_tendered_shares
29961.9031248
old_cohort_shares_remaining
58895076.290625
fraction_before
0.998730104161
fraction_after
0.998730104161
36
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想定日

2032-02-19

year
5.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

37
内容を開く
想定日

2032-04-28

year
5.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

38
内容を開く
想定日

2032-05-04

year
5.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2032-05-05

payment_date

2032-05-07

ex_date_model_context

2032-05-04

39
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想定日

2032-05-05

year
5.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

40
内容を開く
想定日

2032-05-07

year
5.500342231348
種類

cash_dividend_to_original_cohort

金額
1.224443166736
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2031配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.2260000591
eligible_float_shares
58969962
old_cohort_shares_at_ex
58895076.29063
old_share_fraction_ex
0.998730104161
ex_date

2032-05-04

record_date

2032-05-05

payment_date

2032-05-07

payment_right_assumption

hold_at_ex_date

41
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想定日

2032-06-15

year
5.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58895076.29063
treasury_shares_after
123037
old_ownership_before
0.998730104161
old_ownership_after
0.998476124993
42
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想定日

2032-09-15

year
5.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.031712986344
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0317613867
corporate_shares_repur
30000
buyback_eur_per_share_assumed
105.871289
old_cohort_tendered_shares
29954.2837498
old_cohort_shares_remaining
58865122.006876
fraction_before
0.998476124993
fraction_after
0.998476124993
43
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想定日

2033-02-21

year
6.294318959617
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

44
内容を開く
想定日

2033-04-28

year
6.475017111567
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

45
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想定日

2033-05-04

year
6.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2033-05-05

payment_date

2033-05-09

ex_date_model_context

2033-05-04

46
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想定日

2033-05-05

year
6.494182067077
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

47
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想定日

2033-05-09

year
6.505133470226
種類

cash_dividend_to_original_cohort

金額
1.264859833679
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2032配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.2667902637
eligible_float_shares
58954962
old_cohort_shares_at_ex
58865122.00688
old_share_fraction_ex
0.998476124993
ex_date

2033-05-04

record_date

2033-05-05

payment_date

2033-05-09

payment_right_assumption

hold_at_ex_date

48
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想定日

2033-06-15

year
6.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58865122.00688
treasury_shares_after
138037
old_ownership_before
0.998476124993
old_ownership_after
0.998222145825
49
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想定日

2033-09-15

year
6.858316221766
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.031863444211
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0319201937
corporate_shares_repur
30000
buyback_eur_per_share_assumed
106.400646
old_cohort_tendered_shares
29946.6643748
old_cohort_shares_remaining
58835175.342501
fraction_before
0.998222145825
fraction_after
0.998222145825
50
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想定日

2034-02-20

year
7.290896646133
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

51
内容を開く
想定日

2034-04-28

year
7.474332648871
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

52
内容を開く
想定日

2034-05-04

year
7.490759753593
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2034-05-05

payment_date

2034-05-09

ex_date_model_context

2034-05-04

53
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想定日

2034-05-05

year
7.493497604381
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

54
内容を開く
想定日

2034-05-09

year
7.504449007529
種類

cash_dividend_to_original_cohort

金額
1.305046116454
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2033配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.3073704304
eligible_float_shares
58939962
old_cohort_shares_at_ex
58835175.3425
old_share_fraction_ex
0.998222145825
ex_date

2034-05-04

record_date

2034-05-05

payment_date

2034-05-09

payment_right_assumption

hold_at_ex_date

55
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想定日

2034-06-15

year
7.605749486653
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58835175.3425
treasury_shares_after
153037
old_ownership_before
0.998222145825
old_ownership_after
0.997968166657
56
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想定日

2034-09-15

year
7.857631759069
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.032014613833
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0320797946
corporate_shares_repur
30000
buyback_eur_per_share_assumed
106.932649
old_cohort_tendered_shares
29939.0449997
old_cohort_shares_remaining
58805236.297501
fraction_before
0.997968166657
fraction_after
0.997968166657
57
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想定日

2035-02-19

year
8.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

58
内容を開く
想定日

2035-04-30

year
8.479123887748
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

59
内容を開く
想定日

2035-05-04

year
8.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2035-05-07

payment_date

2035-05-09

ex_date_model_context

2035-05-04

60
内容を開く
想定日

2035-05-07

year
8.498288843258
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

61
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想定日

2035-05-09

year
8.503764544832
種類

cash_dividend_to_original_cohort

金額
1.344923006284
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2034配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.3476612293
eligible_float_shares
58924962
old_cohort_shares_at_ex
58805236.2975
old_share_fraction_ex
0.997968166657
ex_date

2035-05-04

record_date

2035-05-07

payment_date

2035-05-09

payment_right_assumption

hold_at_ex_date

62
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想定日

2035-06-15

year
8.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58805236.2975
treasury_shares_after
168037
old_ownership_before
0.997968166657
old_ownership_after
0.99771418749
63
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想定日

2035-09-17

year
8.862422997947
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.032166498564
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0322401936
corporate_shares_repur
30000
buyback_eur_per_share_assumed
107.467312
old_cohort_tendered_shares
29931.4256247
old_cohort_shares_remaining
58775304.871877
fraction_before
0.99771418749
fraction_after
0.99771418749
64
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想定日

2036-02-19

year
9.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

65
内容を開く
想定日

2036-04-28

year
9.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

66
内容を開く
想定日

2036-05-05

year
9.494866529774
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2036-05-06

payment_date

2036-05-08

ex_date_model_context

2036-05-05

67
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想定日

2036-05-06

year
9.497604380561
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

配当権利株数記録日。IRRの現金イベントではない

68
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想定日

2036-05-08

year
9.503080082136
種類

cash_dividend_to_original_cohort

金額
1.385911367037
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

FY2035配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.3890865585
eligible_float_shares
58909962
old_cohort_shares_at_ex
58775304.87188
old_share_fraction_ex
0.99771418749
ex_date

2036-05-05

record_date

2036-05-06

payment_date

2036-05-08

payment_right_assumption

hold_at_ex_date

69
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想定日

2036-06-16

year
9.609856262834
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58775304.87188
treasury_shares_after
183037
old_ownership_before
0.99771418749
old_ownership_after
0.997460208322
70
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想定日

2036-09-15

year
9.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.032319101778
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bear

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0324013946
corporate_shares_repur
30000
buyback_eur_per_share_assumed
108.004649
old_cohort_tendered_shares
29923.8062497
old_cohort_shares_remaining
58745381.065627
fraction_before
0.997460208322
fraction_after
0.997460208322

その他の数値・前提

scenario_assumptions_ref

assumptions.all_scenario_parameters.mild_bear

annual_ledger
内容を開く
1
内容を開く
period_id

post_cutoff_partial_2026

対象年度
2026
開始日

2026-11-07

終了日

2026-12-31

days_included
55
annual_denominator_days
365
portion_of_fy
0.150684931507
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.216526283
nci
0.01327
gross
18.08295
cash
2.84595
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
15.237
old_fraction
1
売上高
7.770460274
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
23.709779614
売上高
3.572706517
operating_ebita_oku
0.410861249
gross_profit_oku
0.957485347
margin
0.115
Americas
内容を開く
annualized_revenue_oku
14.436846826
売上高
2.175415275
operating_ebita_oku
0.206664451
gross_profit_oku
0.522099666
margin
0.095
Asia_Pacific
内容を開く
annualized_revenue_oku
13.42097356
売上高
2.022338482
operating_ebita_oku
0.26694868
gross_profit_oku
0.463115512
margin
0.132
gross_profit_oku
1.9427005249
ebita_oku
0.8300811583
holding_cost_ebita_oku
-0.0543932219
acquired_customer_relationship_amortisation_oku
0.1554092055
oneoff_adjustments_oku
0.0013986828
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
0.6732732699
net_finance_expense_oku
0.1383531781
equity_associate_income_oku
0.0001506849
ifrs_profit_before_tax_oku
0.5350707768
ifrs_income_tax_expense_oku
0.1444691097
nci_net_income_oku
5.27397E-5
ifrs_parent_net_income_oku
0.3905489273
ppe_depreciation_oku
0.0621636822
sbc_expense_equity_settled_included_in_ni_oku
0.0058278452
sbc_cash_settled_cost_included_in_ni_oku
0.0013986828
oci_parent_non_cash_oku
-0.0038852301
net_working_capital_cash_investment_oku
0.0466227616
cash_tax_and_misc_timing_oku
0.0155409205
operating_cash_flow_after_interest_tax_oku
0.5518387177
maintenance_and_digital_capex_oku
0.0372982093
free_cash_flow_post_interest_tax_pre_MA_oku
0.5145405084
acquisition_and_earnout_cash_paid_oku
0
issuer_cash_dividends_oku
0
issuer_buyback_cash_oku
0
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
4.52055E-5
free_cash_after_acq_and_capex_pre_distributions_oku
0.5145405084
gross_new_borrowing_net_of_repayment_oku
-0.782065303
treasury_shares_to_employees_non_cash
0
corporate_shares_repur
0
corporate_buyback_assumed_price_eur
未確認
old_cohort_buyback_cash_received_oku
0
old_cohort_dividend_received_oku
0
old_holder_actual_cash_received_in_period_oku
0
old_holder_ownership_at_dividend_ex_date
未確認
old_cohort_eligible_shares_at_ex
0
end
内容を開く
親会社持分（億）
22.6090178257
非支配持分資本（億）
0.0132775342
gross_borrowings_oku
17.300884697
現金（億）
2.57838
net_debt_oku
14.722504697
shares_issued
59107999
自己株式数
63037
float_shares
59044962
old_holder_cohort_shares
59044962
old_holder_fraction_of_float
1
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

2
内容を開く
period_id

FY2027

対象年度
2027
開始日

2027-01-01

終了日

2027-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.609017826
nci
0.013277534
gross
17.300884697
cash
2.57838
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
14.722504697
old_fraction
1
売上高
54.2560319688
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
24.988012421
売上高
24.988012421
operating_ebita_oku
2.853631019
gross_profit_oku
6.696787329
margin
0.1142
Americas
内容を開く
annualized_revenue_oku
14.884396371
売上高
14.884396371
operating_ebita_oku
1.39615638
gross_profit_oku
3.572255129
margin
0.0938
Asia_Pacific
内容を開く
annualized_revenue_oku
14.383623177
売上高
14.383623177
operating_ebita_oku
1.877062825
gross_profit_oku
3.293849707
margin
0.1305
gross_profit_oku
13.5628921654
ebita_oku
5.7470579989
holding_cost_ebita_oku
-0.3797922238
acquired_customer_relationship_amortisation_oku
1.0851206394
oneoff_adjustments_oku
0.0097660858
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.6521712737
net_finance_expense_oku
0.8807054442
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
3.7724658295
ifrs_income_tax_expense_oku
1.018565774
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
2.7535500555
ppe_depreciation_oku
0.4340482558
sbc_expense_equity_settled_included_in_ni_oku
0.040692024
sbc_cash_settled_cost_included_in_ni_oku
0.0097660858
oci_parent_non_cash_oku
-0.027128016
net_working_capital_cash_investment_oku
0.2862330056
cash_tax_and_misc_timing_oku
0.1085120639
operating_cash_flow_after_interest_tax_oku
3.9190159051
maintenance_and_digital_capex_oku
0.2604289535
free_cash_flow_post_interest_tax_pre_MA_oku
3.6585869517
acquisition_and_earnout_cash_paid_oku
1
issuer_cash_dividends_oku
1.1004266593
issuer_buyback_cash_oku
0.030979125
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.6585869517
gross_new_borrowing_net_of_repayment_oku
-1.392459569
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
103.26375
old_cohort_buyback_cash_received_oku
0.0309712569
old_cohort_dividend_received_oku
1.1004266593
old_holder_actual_cash_received_in_period_oku
1.1313979162
old_holder_ownership_at_dividend_ex_date
1
old_cohort_eligible_shares_at_ex
59044962
end
内容を開く
親会社持分（億）
24.2447261049
非支配持分資本（億）
0.0133275342
gross_borrowings_oku
15.9084251281
現金（億）
2.7128015984
net_debt_oku
13.1956235296
shares_issued
59107999
自己株式数
78037
float_shares
59029962
old_holder_cohort_shares
59014969.619375
old_holder_fraction_of_float
0.999746020832
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

3
内容を開く
period_id

FY2028

対象年度
2028
開始日

2028-01-01

終了日

2028-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
24.244726105
nci
0.013327534
gross
15.908425128
cash
2.712801598
発行済み
59107999
own
78037
old_shares
59014969.619375
float
59029962
net_debt
13.19562353
old_fraction
0.999746021
売上高
53.9752991954
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
24.894994705
売上高
24.894994705
operating_ebita_oku
2.8230924
gross_profit_oku
6.671858581
margin
0.1134
Americas
内容を開く
annualized_revenue_oku
14.512406697
売上高
14.512406697
operating_ebita_oku
1.34384886
gross_profit_oku
3.482977607
margin
0.0926
Asia_Pacific
内容を開く
annualized_revenue_oku
14.567897793
売上高
14.567897793
operating_ebita_oku
1.879258815
gross_profit_oku
3.336048595
margin
0.129
gross_profit_oku
13.4908847829
ebita_oku
5.6683729807
holding_cost_ebita_oku
-0.3778270944
acquired_customer_relationship_amortisation_oku
1.0795059839
oneoff_adjustments_oku
0.0097155539
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.5791514429
net_finance_expense_oku
0.8066844875
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
3.7734669554
ifrs_income_tax_expense_oku
1.018836078
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
2.7542808775
ppe_depreciation_oku
0.4318023936
sbc_expense_equity_settled_included_in_ni_oku
0.0404814744
sbc_cash_settled_cost_included_in_ni_oku
0.0097155539
oci_parent_non_cash_oku
-0.0269876496
net_working_capital_cash_investment_oku
-0.0533392269
cash_tax_and_misc_timing_oku
0.1079505984
operating_cash_flow_after_interest_tax_oku
4.2518093579
maintenance_and_digital_capex_oku
0.2590814361
free_cash_flow_post_interest_tax_pre_MA_oku
3.9927279217
acquisition_and_earnout_cash_paid_oku
1.02
issuer_cash_dividends_oku
1.0991633179
issuer_buyback_cash_oku
0.0311340206
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.9727279217
gross_new_borrowing_net_of_repayment_oku
-1.8561672219
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
103.78006875
old_cohort_buyback_cash_received_oku
0.0311182058
old_cohort_dividend_received_oku
1.0988841533
old_holder_actual_cash_received_in_period_oku
1.1300023592
old_holder_ownership_at_dividend_ex_date
0.999746020832
old_cohort_eligible_shares_at_ex
59014969.619375
end
内容を開く
親会社持分（億）
25.8822034686
非支配持分資本（億）
0.0133775342
gross_borrowings_oku
14.0522579062
現金（億）
2.6987649598
net_debt_oku
11.3534929464
shares_issued
59107999
自己株式数
93037
float_shares
59014962
old_holder_cohort_shares
58984984.858125
old_holder_fraction_of_float
0.999492041664
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

4
内容を開く
period_id

FY2029

対象年度
2029
開始日

2029-01-01

終了日

2029-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
25.882203469
nci
0.013377534
gross
14.052257906
cash
2.69876496
発行済み
59107999
own
93037
old_shares
58984984.858125
float
59014962
net_debt
11.353492946
old_fraction
0.999492042
売上高
55.4362792464
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
25.598490849
売上高
25.598490849
operating_ebita_oku
2.88239007
gross_profit_oku
6.860395548
margin
0.1126
Americas
内容を開く
annualized_revenue_oku
14.630197401
売上高
14.630197401
operating_ebita_oku
1.337200042
gross_profit_oku
3.511247376
margin
0.0914
Asia_Pacific
内容を開く
annualized_revenue_oku
15.207590996
売上高
15.207590996
operating_ebita_oku
1.938967852
gross_profit_oku
3.482538338
margin
0.1275
gross_profit_oku
13.854181262
ebita_oku
5.7705040094
holding_cost_ebita_oku
-0.3880539547
acquired_customer_relationship_amortisation_oku
1.1087255849
oneoff_adjustments_oku
0.0099785303
noncash_goodwill_impairment_oku
0.35
ifrs_operating_profit_oku
4.3017998942
net_finance_expense_oku
0.7103322316
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
3.5924676626
ifrs_income_tax_expense_oku
1.0644662689
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
2.5276513937
ppe_depreciation_oku
0.443490234
sbc_expense_equity_settled_included_in_ni_oku
0.0415772094
sbc_cash_settled_cost_included_in_ni_oku
0.0099785303
oci_parent_non_cash_oku
-0.0277181396
net_working_capital_cash_investment_oku
0.2775862097
cash_tax_and_misc_timing_oku
0.1108725585
operating_cash_flow_after_interest_tax_oku
4.0833356538
maintenance_and_digital_capex_oku
0.2660941404
free_cash_flow_post_interest_tax_pre_MA_oku
3.8172415134
acquisition_and_earnout_cash_paid_oku
1.0404
issuer_cash_dividends_oku
1.0981192762
issuer_buyback_cash_oku
0.0312896907
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.7768415134
gross_new_borrowing_net_of_repayment_oku
-1.574083544
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
104.2989690937
old_cohort_buyback_cash_received_oku
0.0312658499
old_cohort_dividend_received_oku
1.0975614773
old_holder_actual_cash_received_in_period_oku
1.1288273273
old_holder_ownership_at_dividend_ex_date
0.999492041664
old_cohort_eligible_shares_at_ex
58984984.858125
end
内容を開く
親会社持分（億）
27.2943049652
非支配持分資本（億）
0.0134275342
gross_borrowings_oku
12.4781743622
現金（億）
2.7718139623
net_debt_oku
9.7063603999
shares_issued
59107999
自己株式数
108037
float_shares
58999962
old_holder_cohort_shares
58955007.71625
old_holder_fraction_of_float
0.999238062497
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

5
内容を開く
period_id

FY2030

対象年度
2030
開始日

2030-01-01

終了日

2030-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
27.294304965
nci
0.013427534
gross
12.478174362
cash
2.771813962
発行済み
59107999
own
108037
old_shares
58955007.71625
float
58999962
net_debt
9.7063604
old_fraction
0.999238062
売上高
56.892821889
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
26.295795112
売上高
26.295795112
operating_ebita_oku
2.939869894
gross_profit_oku
7.04727309
margin
0.1118
Americas
内容を開く
annualized_revenue_oku
14.750525244
売上高
14.750525244
operating_ebita_oku
1.330497377
gross_profit_oku
3.540126059
margin
0.0902
Asia_Pacific
内容を開く
annualized_revenue_oku
15.846501533
売上高
15.846501533
operating_ebita_oku
1.996659193
gross_profit_oku
3.628848851
margin
0.126
gross_profit_oku
14.2162479996
ebita_oku
5.8687767104
holding_cost_ebita_oku
-0.3982497532
acquired_customer_relationship_amortisation_oku
1.1378564378
oneoff_adjustments_oku
0.0102407079
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.7206795647
net_finance_expense_oku
0.6276032993
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.0940762654
ifrs_income_tax_expense_oku
1.1054005917
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
2.9883256738
ppe_depreciation_oku
0.4551425751
sbc_expense_equity_settled_included_in_ni_oku
0.0426696164
sbc_cash_settled_cost_included_in_ni_oku
0.0102407079
oci_parent_non_cash_oku
-0.0284464109
net_working_capital_cash_investment_oku
0.2767431021
cash_tax_and_misc_timing_oku
0.1137856438
operating_cash_flow_after_interest_tax_oku
4.2338155572
maintenance_and_digital_capex_oku
0.2730855451
free_cash_flow_post_interest_tax_pre_MA_oku
3.9607300121
acquisition_and_earnout_cash_paid_oku
1.061208
issuer_cash_dividends_oku
1.0344765319
issuer_buyback_cash_oku
0.0314461392
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.8995220121
gross_new_borrowing_net_of_repayment_oku
-1.7604722089
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
104.8204639392
old_cohort_buyback_cash_received_oku
0.0314141925
old_cohort_dividend_received_oku
1.0336883254
old_holder_actual_cash_received_in_period_oku
1.065102518
old_holder_ownership_at_dividend_ex_date
0.999238062497
old_cohort_eligible_shares_at_ex
58955007.71625
end
内容を開く
親会社持分（億）
29.2309311734
非支配持分資本（億）
0.0134775342
gross_borrowings_oku
10.7177021533
現金（億）
2.8446410944
net_debt_oku
7.8730610588
shares_issued
59107999
自己株式数
123037
float_shares
58984962
old_holder_cohort_shares
58925038.19375
old_holder_fraction_of_float
0.998984083329
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

6
内容を開く
period_id

FY2031

対象年度
2031
開始日

2031-01-01

終了日

2031-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
29.230931173
nci
0.013477534
gross
10.717702153
cash
2.844641094
発行済み
59107999
own
123037
old_shares
58925038.19375
float
58984962
net_debt
7.873061059
old_fraction
0.998984083
売上高
58.3409519892
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
26.985324882
売上高
26.985324882
operating_ebita_oku
2.995371062
gross_profit_oku
7.232067068
margin
0.111
Americas
内容を開く
annualized_revenue_oku
14.873430869
売上高
14.873430869
operating_ebita_oku
1.323735347
gross_profit_oku
3.569623409
margin
0.089
Asia_Pacific
内容を開く
annualized_revenue_oku
16.482196238
売上高
16.482196238
operating_ebita_oku
2.052033432
gross_profit_oku
3.774422939
margin
0.1245
gross_profit_oku
14.5761134155
ebita_oku
5.962753177
holding_cost_ebita_oku
-0.4083866639
acquired_customer_relationship_amortisation_oku
1.1668190398
oneoff_adjustments_oku
0.0105013714
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.7854327658
net_finance_expense_oku
0.5351848188
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.251247947
ifrs_income_tax_expense_oku
1.1478369457
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.1030610013
ppe_depreciation_oku
0.4667276159
sbc_expense_equity_settled_included_in_ni_oku
0.043755714
sbc_cash_settled_cost_included_in_ni_oku
0.0105013714
oci_parent_non_cash_oku
-0.029170476
net_working_capital_cash_investment_oku
0.2751447191
cash_tax_and_misc_timing_oku
0.116681904
operating_cash_flow_after_interest_tax_oku
4.388886748
maintenance_and_digital_capex_oku
0.2800365695
free_cash_flow_post_interest_tax_pre_MA_oku
4.1088501784
acquisition_and_earnout_cash_paid_oku
1.08243216
issuer_cash_dividends_oku
1.1838778707
issuer_buyback_cash_oku
0.0316033699
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.0264180184
gross_new_borrowing_net_of_repayment_oku
-1.7382302728
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
105.3445662589
old_cohort_buyback_cash_received_oku
0.0315632369
old_cohort_dividend_received_oku
1.1826751495
old_holder_actual_cash_received_in_period_oku
1.2142383864
old_holder_ownership_at_dividend_ex_date
0.998984083329
old_cohort_eligible_shares_at_ex
58925038.19375
end
内容を開く
親会社持分（億）
31.1330961721
非支配持分資本（億）
0.0135275342
gross_borrowings_oku
8.9794718805
現金（億）
2.9170475995
net_debt_oku
6.062424281
shares_issued
59107999
自己株式数
138037
float_shares
58969962
old_holder_cohort_shares
58895076.290626
old_holder_fraction_of_float
0.998730104161
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

7
内容を開く
period_id

FY2032

対象年度
2032
開始日

2032-01-01

終了日

2032-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
31.133096172
nci
0.013527534
gross
8.97947188
cash
2.917047599
発行済み
59107999
own
138037
old_shares
58895076.290626
float
58969962
net_debt
6.062424281
old_fraction
0.998730104
売上高
59.7765902128
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
27.665477582
売上高
27.665477582
operating_ebita_oku
3.04873563
gross_profit_oku
7.414347992
margin
0.1102
Americas
内容を開く
annualized_revenue_oku
14.998955932
売上高
14.998955932
operating_ebita_oku
1.316908331
gross_profit_oku
3.599749424
margin
0.0878
Asia_Pacific
内容を開く
annualized_revenue_oku
17.112156698
売上高
17.112156698
operating_ebita_oku
2.104795274
gross_profit_oku
3.918683884
margin
0.123
gross_profit_oku
14.9327812997
ebita_oku
6.0520031028
holding_cost_ebita_oku
-0.4184361315
acquired_customer_relationship_amortisation_oku
1.1955318043
oneoff_adjustments_oku
0.0107597862
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.8457115123
net_finance_expense_oku
0.4439279666
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.4027835457
ifrs_income_tax_expense_oku
1.1887515573
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.2136819884
ppe_depreciation_oku
0.4782127217
sbc_expense_equity_settled_included_in_ni_oku
0.0448324427
sbc_cash_settled_cost_included_in_ni_oku
0.0107597862
oci_parent_non_cash_oku
-0.0298882951
net_working_capital_cash_investment_oku
0.2727712625
cash_tax_and_misc_timing_oku
0.1195531804
operating_cash_flow_after_interest_tax_oku
4.5402845141
maintenance_and_digital_capex_oku
0.286927633
free_cash_flow_post_interest_tax_pre_MA_oku
4.2533568811
acquisition_and_earnout_cash_paid_oku
1.1040808032
issuer_cash_dividends_oku
1.2260000591
issuer_buyback_cash_oku
0.0317613867
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.1492760779
gross_new_borrowing_net_of_repayment_oku
-1.8194327209
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
105.8712890902
old_cohort_buyback_cash_received_oku
0.0317129863
old_cohort_dividend_received_oku
1.2244431667
old_holder_actual_cash_received_in_period_oku
1.2561561531
old_holder_ownership_at_dividend_ex_date
0.998730104161
old_cohort_eligible_shares_at_ex
58895076.290626
end
内容を開く
親会社持分（億）
33.1039608622
非支配持分資本（億）
0.0135775342
gross_borrowings_oku
7.1600391596
現金（億）
2.9888295106
net_debt_oku
4.171209649
shares_issued
59107999
自己株式数
153037
float_shares
58954962
old_holder_cohort_shares
58865122.006876
old_holder_fraction_of_float
0.998476124993
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

8
内容を開く
period_id

FY2033

対象年度
2033
開始日

2033-01-01

終了日

2033-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
33.103960862
nci
0.013577534
gross
7.16003916
cash
2.988829511
発行済み
59107999
own
153037
old_shares
58865122.006876
float
58954962
net_debt
4.171209649
old_fraction
0.998476125
売上高
61.1955743047
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
28.334636609
売上高
28.334636609
operating_ebita_oku
3.099809245
gross_profit_oku
7.593682611
margin
0.1094
Americas
内容を開く
annualized_revenue_oku
15.127143129
売上高
15.127143129
operating_ebita_oku
1.310010595
gross_profit_oku
3.630514351
margin
0.0866
Asia_Pacific
内容を開く
annualized_revenue_oku
17.733794566
売上高
17.733794566
operating_ebita_oku
2.15465604
gross_profit_oku
4.061038956
margin
0.1215
gross_profit_oku
15.285235918
ebita_oku
6.1361068597
holding_cost_ebita_oku
-0.4283690201
acquired_customer_relationship_amortisation_oku
1.2239114861
oneoff_adjustments_oku
0.0110152034
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.9011801702
net_finance_expense_oku
0.3484560822
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.5537240881
ifrs_income_tax_expense_oku
1.2295055038
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.3238685843
ppe_depreciation_oku
0.4895645944
sbc_expense_equity_settled_included_in_ni_oku
0.0458966807
sbc_cash_settled_cost_included_in_ni_oku
0.0110152034
oci_parent_non_cash_oku
-0.0305977872
net_working_capital_cash_investment_oku
0.2696069775
cash_tax_and_misc_timing_oku
0.1223911486
operating_cash_flow_after_interest_tax_oku
4.6915932195
maintenance_and_digital_capex_oku
0.2937387567
free_cash_flow_post_interest_tax_pre_MA_oku
4.3978544628
acquisition_and_earnout_cash_paid_oku
1.1261624193
issuer_cash_dividends_oku
1.2667902637
issuer_buyback_cash_oku
0.0319201937
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.2716920435
gross_new_borrowing_net_of_repayment_oku
-1.9017323816
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
106.4006455357
old_cohort_buyback_cash_received_oku
0.0318634442
old_cohort_dividend_received_oku
1.2648598337
old_holder_actual_cash_received_in_period_oku
1.2967232779
old_holder_ownership_at_dividend_ex_date
0.998476124993
old_cohort_eligible_shares_at_ex
58865122.006876
end
内容を開く
親会社持分（億）
35.1444178827
非支配持分資本（億）
0.0136275342
gross_borrowings_oku
5.258306778
現金（億）
3.0597787152
net_debt_oku
2.1985280628
shares_issued
59107999
自己株式数
168037
float_shares
58939962
old_holder_cohort_shares
58835175.342501
old_holder_fraction_of_float
0.998222145825
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

9
内容を開く
period_id

FY2034

対象年度
2034
開始日

2034-01-01

終了日

2034-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
35.144417883
nci
0.013627534
gross
5.258306778
cash
3.059778715
発行済み
59107999
own
168037
old_shares
58835175.342501
float
58939962
net_debt
2.198528063
old_fraction
0.998222146
売上高
62.5936818936
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
28.991177499
売上高
28.991177499
operating_ebita_oku
3.148441876
gross_profit_oku
7.76963557
margin
0.1086
Americas
内容を開く
annualized_revenue_oku
15.258036211
売上高
15.258036211
operating_ebita_oku
1.303036292
gross_profit_oku
3.661928691
margin
0.0854
Asia_Pacific
内容を開く
annualized_revenue_oku
18.344468183
売上高
18.344468183
operating_ebita_oku
2.201336182
gross_profit_oku
4.200883214
margin
0.12
gross_profit_oku
15.6324474744
ebita_oku
6.2146585776
holding_cost_ebita_oku
-0.4381557733
acquired_customer_relationship_amortisation_oku
1.2518736379
oneoff_adjustments_oku
0.0112668627
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.951518077
net_finance_expense_oku
0.2487146079
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.7038034691
ifrs_income_tax_expense_oku
1.2700269367
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.4334265324
ppe_depreciation_oku
0.5007494551
sbc_expense_equity_settled_included_in_ni_oku
0.0469452614
sbc_cash_settled_cost_included_in_ni_oku
0.0112668627
oci_parent_non_cash_oku
-0.0312968409
net_working_capital_cash_investment_oku
0.2656404419
cash_tax_and_misc_timing_oku
0.1251873638
operating_cash_flow_after_interest_tax_oku
4.8425170812
maintenance_and_digital_capex_oku
0.3004496731
free_cash_flow_post_interest_tax_pre_MA_oku
4.5420674081
acquisition_and_earnout_cash_paid_oku
1.1486856676
issuer_cash_dividends_oku
1.3073704304
issuer_buyback_cash_oku
0.0320797946
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.3933817405
gross_new_borrowing_net_of_repayment_oku
-1.983726136
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
106.9326487633
old_cohort_buyback_cash_received_oku
0.0320146138
old_cohort_dividend_received_oku
1.3050461165
old_holder_actual_cash_received_in_period_oku
1.3370607303
old_holder_ownership_at_dividend_ex_date
0.998222145825
old_cohort_eligible_shares_at_ex
58835175.342501
end
内容を開く
親会社持分（億）
37.2540426105
非支配持分資本（億）
0.0136775342
gross_borrowings_oku
3.2745806421
現金（億）
3.1296840947
net_debt_oku
0.1448965474
shares_issued
59107999
自己株式数
183037
float_shares
58924962
old_holder_cohort_shares
58805236.297501
old_holder_fraction_of_float
0.997968166657
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

10
内容を開く
period_id

FY2035

対象年度
2035
開始日

2035-01-01

終了日

2035-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
37.254042611
nci
0.013677534
gross
3.274580642
cash
3.129684095
発行済み
59107999
own
183037
old_shares
58805236.297501
float
58924962
net_debt
0.144896547
old_fraction
0.997968167
売上高
64.0291636728
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
29.662931076
売上高
29.662931076
operating_ebita_oku
3.19766397
gross_profit_oku
7.949665528
margin
0.1078
Americas
内容を開く
annualized_revenue_oku
15.390061893
売上高
15.390061893
operating_ebita_oku
1.295843211
gross_profit_oku
3.693614854
margin
0.0842
Asia_Pacific
内容を開く
annualized_revenue_oku
18.976170704
売上高
18.976170704
operating_ebita_oku
2.248676228
gross_profit_oku
4.345543091
margin
0.1185
gross_profit_oku
15.9888234738
ebita_oku
6.2939792641
holding_cost_ebita_oku
-0.4482041457
acquired_customer_relationship_amortisation_oku
1.2805832735
oneoff_adjustments_oku
0.0115252495
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.0018707412
net_finance_expense_oku
0.1447219843
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.8581487569
ifrs_income_tax_expense_oku
1.3117001644
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.5460985925
ppe_depreciation_oku
0.5122333094
sbc_expense_equity_settled_included_in_ni_oku
0.0480218728
sbc_cash_settled_cost_included_in_ni_oku
0.0115252495
oci_parent_non_cash_oku
-0.0320145818
net_working_capital_cash_investment_oku
0.272741538
cash_tax_and_misc_timing_oku
0.1280583273
operating_cash_flow_after_interest_tax_oku
4.9864871827
maintenance_and_digital_capex_oku
0.3073399856
free_cash_flow_post_interest_tax_pre_MA_oku
4.6791471971
acquisition_and_earnout_cash_paid_oku
1.171659381
issuer_cash_dividends_oku
1.3476612293
issuer_buyback_cash_oku
0.0322401936
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.5074878161
gross_new_borrowing_net_of_repayment_oku
-2.0555123042
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
107.4673120072
old_cohort_buyback_cash_received_oku
0.0321664986
old_cohort_dividend_received_oku
1.3449230063
old_holder_actual_cash_received_in_period_oku
1.3770895048
old_holder_ownership_at_dividend_ex_date
0.997968166657
old_cohort_eligible_shares_at_ex
58805236.297501
end
内容を開く
親会社持分（億）
39.4362470711
非支配持分資本（億）
0.0137275342
gross_borrowings_oku
1.2190683378
現金（億）
3.2014581836
net_debt_oku
-1.9823898458
shares_issued
59107999
自己株式数
198037
float_shares
58909962
old_holder_cohort_shares
58775304.871877
old_holder_fraction_of_float
0.99771418749
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

11
内容を開く
period_id

partial_2036_to_anniversary

対象年度
2036
開始日

2036-01-01

終了日

2036-11-06

days_included
311
annual_denominator_days
366
portion_of_fy
0.849726775956
data_status

forecast_hypothetical

opening
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parent_equity
39.436247071
nci
0.013727534
gross
1.219068338
cash
3.201458184
発行済み
59107999
own
198037
old_shares
58775304.871877
float
58909962
net_debt
-1.982389846
old_fraction
0.997714187
売上高
55.6597431426
regional_revenue_and_ebita_oku
EMEA
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annualized_revenue_oku
30.350249831
売上高
25.789419939
operating_ebita_oku
2.759467933
gross_profit_oku
6.911564544
margin
0.107
Americas
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annualized_revenue_oku
15.523229975
売上高
13.190504159
operating_ebita_oku
1.094811845
gross_profit_oku
3.165720998
margin
0.083
Asia_Pacific
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annualized_revenue_oku
19.629626272
売上高
16.679819045
operating_ebita_oku
1.951538828
gross_profit_oku
3.819678561
margin
0.117
gross_profit_oku
13.896964103
ebita_oku
5.4162004049
holding_cost_ebita_oku
-0.389618202
acquired_customer_relationship_amortisation_oku
1.1131948629
oneoff_adjustments_oku
0.0100187538
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.2929867883
net_finance_expense_oku
0.0314178449
equity_associate_income_oku
0.0008497268
ifrs_profit_before_tax_oku
4.2624186702
ifrs_income_tax_expense_oku
1.150853041
nci_net_income_oku
0.0002974044
ifrs_parent_net_income_oku
3.1112682249
ppe_depreciation_oku
0.4452779451
sbc_expense_equity_settled_included_in_ni_oku
0.0417448074
sbc_cash_settled_cost_included_in_ni_oku
0.0100187538
oci_parent_non_cash_oku
-0.0278298716
net_working_capital_cash_investment_oku
0.2379651823
cash_tax_and_misc_timing_oku
0.1113194863
operating_cash_flow_after_interest_tax_oku
4.362498576
maintenance_and_digital_capex_oku
0.2671667671
free_cash_flow_post_interest_tax_pre_MA_oku
4.095331809
acquisition_and_earnout_cash_paid_oku
1.0155021553
issuer_cash_dividends_oku
1.3890865585
issuer_buyback_cash_oku
0.0324013946
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.000254918
free_cash_after_acq_and_capex_pre_distributions_oku
3.0798296536
gross_new_borrowing_net_of_repayment_oku
-1.2190683378
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
30000
corporate_buyback_assumed_price_eur
108.0046485672
old_cohort_buyback_cash_received_oku
0.0323191018
old_cohort_dividend_received_oku
1.385911367
old_holder_actual_cash_received_in_period_oku
1.4182304688
old_holder_ownership_at_dividend_ex_date
0.99771418749
old_cohort_eligible_shares_at_ex
58775304.871877
end
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親会社持分（億）
41.1399422787
非支配持分資本（億）
0.0137700206
gross_borrowings_oku
0
現金（億）
3.6404766284
net_debt_oku
-3.6404766284
shares_issued
59107999
自己株式数
213037
float_shares
58894962
old_holder_cohort_shares
58745381.065627
old_holder_fraction_of_float
0.997460208322
checks
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ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

period_count
11
期間内の親会社利益合計（億）
31.1457618516
期間内株主受取
12.3548286419
終価
38.9714892759
売上高
65.5031060778
営業利益
5.0639872295
純利益
3.661492509
equity_oku
41.1399422787
multiple
11.052623
multiple_definition

derived terminal equity (multi-year owner FCFE, not market PER) / 2037 reported IFRS parent NI proxy

terminal_2036_11_06
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日付

2036-11-06

end_old_share_count
58745381.065627
float_shares
58894962
old_holder_fraction
0.997460208322
2036_partial_year_net_income_oku
3.1112682249
full_year_FY2036_normalized_not_in_net_sum
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period

FY2036 full year counterfactual only, NOT part of 10y horizon

売上高
65.5031060778
ebita_oku
6.3740493511
ifrs_parent_ni_oku
3.661492509
amortisation_oku
1.3100621216
pp_and_e_depreciation_oku
0.5240248486
reporting

forecast normalized FY2036 for forward 2037 terminal only

modeled_2037_revenue_oku
66.1581371386
modeled_2037_ebita_oku
6.4377898446
modeled_2037_net_finance_expense_oku
0
modeled_2037_reported_parent_ni_oku
3.5349725671
modeled_2037_ppe_dep_oku
0.5292650971
modeled_2037_intangible_amort_oku
1.3231627428
modeled_2037_sbc_equity_addback_oku
0.0496186029
modeled_2037_maintenance_capex_oku
0.3307906857
modeled_2037_increase_NWC_oku
0.1244559015
modeled_2037_ongoing_acquisition_cash_oku
1.1950925686
modeled_2037_cash_tax_timing_reserve_oku
0.1323162743
sustainable_FCFE_before_stock_hedge_oku
3.6543635797
sbc_equity_shares_replenished_per_year
15000
implied_FCFE_valuation_based_eur_per_share
66.33966547
sbc_share_neutral_company_cash_repurchase_cost_oku
0.0099509498
sustainable_FCFE_after_stock_hedge_oku
3.6444126299
k_terminal
0.102
g_terminal
0.01
sustainable_excess_cash_oku
0.3325697715
total_equity_value_oku
39.0707207673
old_cohort_terminal_equity_value_oku
38.9714892759
valuation_equation

V = (excess_cash + sum_{t=1..10} FCFE_pre_hedge_t/(1+k)^t + FCFE_pre_hedge_2047/((k-g)*(1+k)^10))/(1+(award_shares/float)*(sum_{t=1..10}((1+g)^(t-1)/(1+k)^t)+(1+g)^10/((k-g)*(1+k)^10))); FCFE includes annual acquisition cash and partial-tax-shield PPA runoff; 2037+ only inside 2036 terminal.

do_not_add_terminal_to_timed_cashflows
はい
modeled_2037_amort_related_tax_credit_oku
0.1668619025
modeled_2037_IFRS_tax_expense_oku
1.56839607
owner_equity_terminal_method

explicit_2037_2046_with_legacy_finite_amort_runoff_and_2047_perpetuity

2036_partial_acquisition_cash_oku
1.0155021553
2036_partial_acquisition_days
311
2036_FY_annualization_days
366
2036_annualized_acquisition_cash_oku
1.1950925686
2037_original_v3_MA_assumption_oku
0.65
ma_continuity_ratio_new_vs_v3
1.8386039517
2025_actual_acquisition_cash_oku
4.37216
2025_actual_annual_amort_oku
1.015
2025_actual_related_accounting_tax_credit_oku
0.128
2037_amortization_tax_credit_ratio_proxy
0.1261083744
2037_ifrs_net_income_legacy_full_statutory_tax_credit_v3_oku
3.7253646051
2037_net_income_tax_correction_vs_v3_oku
-0.190392038
legacy_acquired_intangible_amort_runoff_years_assumed
10
future_MA_capitalized_finite_intangible_fraction_assumed
0.3
future_finite_intangible_amort_lifetime_years_assumed
10
future_FCFE_2037_to_2046_plus_2047_tail
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1
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fiscal_year_proxy
2037
year_index
1
売上高
66.1581371386
ebita_oku
6.4377898446
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
1.3231627428
acquisition_generated_finite_intangibles_amort_oku
0
total_amort_oku
1.3231627428
tax_full_rate_pre_amort_oku
1.7352579726
tax_credit_on_intangibles_oku
0.1668619025
reported_tax_oku
1.56839607
ifrs_parent_NI_oku
3.5349725671
depreciation_ppe_oku
0.5292650971
sbc_noncash_oku
0.0496186029
capex_cash_oku
0.3307906857
working_capital_reinvestment_oku
0.1244559015
acquisition_cash_oku
1.1950925686
cash_tax_timing_oku
0.1323162743
owner_FCFE_before_SBC_cash_hedge_oku
3.6543635797
sbc_hedge_cash_cost_oku
0.0099509498
owner_FCFE_after_SBC_cash_hedge_oku
3.6444126299
2
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fiscal_year_proxy
2038
year_index
2
売上高
66.81971851
ebita_oku
6.5021677431
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
1.1908464685
acquisition_generated_finite_intangibles_amort_oku
0.0358527771
total_amort_oku
1.2266992456
tax_full_rate_pre_amort_oku
1.7526105523
tax_credit_on_intangibles_oku
0.1546970477
reported_tax_oku
1.5979135046
ifrs_parent_NI_oku
3.6661839436
depreciation_ppe_oku
0.5345577481
sbc_noncash_oku
0.0501147889
capex_cash_oku
0.3340985925
working_capital_reinvestment_oku
0.1257004606
acquisition_cash_oku
1.2070434943
cash_tax_timing_oku
0.133639437
owner_FCFE_before_SBC_cash_hedge_oku
3.6770737417
sbc_hedge_cash_cost_oku
0.0100504593
owner_FCFE_after_SBC_cash_hedge_oku
3.6670232823
3
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fiscal_year_proxy
2039
year_index
3
売上高
67.4879156951
ebita_oku
6.5671894205
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
1.0585301942
acquisition_generated_finite_intangibles_amort_oku
0.0720640819
total_amort_oku
1.1305942761
tax_full_rate_pre_amort_oku
1.7701366578
tax_credit_on_intangibles_oku
0.1425774063
reported_tax_oku
1.6275592516
ifrs_parent_NI_oku
3.797551133
depreciation_ppe_oku
0.5399033256
sbc_noncash_oku
0.0506159368
capex_cash_oku
0.3374395785
working_capital_reinvestment_oku
0.1269574652
acquisition_cash_oku
1.2191139292
cash_tax_timing_oku
0.1349758314
owner_FCFE_before_SBC_cash_hedge_oku
3.7001778671
sbc_hedge_cash_cost_oku
0.0101509639
owner_FCFE_after_SBC_cash_hedge_oku
3.6900269032
4
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fiscal_year_proxy
2040
year_index
4
売上高
68.162794852
ebita_oku
6.6328613147
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.92621392
acquisition_generated_finite_intangibles_amort_oku
0.1086374998
total_amort_oku
1.0348514197
tax_full_rate_pre_amort_oku
1.7878380244
tax_credit_on_intangibles_oku
0.1305034303
reported_tax_oku
1.6573345941
ifrs_parent_NI_oku
3.9290756934
depreciation_ppe_oku
0.5453023588
sbc_noncash_oku
0.0511220961
capex_cash_oku
0.3408139743
working_capital_reinvestment_oku
0.1282270398
acquisition_cash_oku
1.2313050685
cash_tax_timing_oku
0.1363255897
owner_FCFE_before_SBC_cash_hedge_oku
3.7236798958
sbc_hedge_cash_cost_oku
0.0102524736
owner_FCFE_after_SBC_cash_hedge_oku
3.7134274222
5
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fiscal_year_proxy
2041
year_index
5
売上高
68.8444228005
ebita_oku
6.6991899278
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.7938976457
acquisition_generated_finite_intangibles_amort_oku
0.1455766518
total_amort_oku
0.9394742975
tax_full_rate_pre_amort_oku
1.8057164047
tax_credit_on_intangibles_oku
0.1184755764
reported_tax_oku
1.6872408282
ifrs_parent_NI_oku
4.0607591986
depreciation_ppe_oku
0.5507553824
sbc_noncash_oku
0.0516333171
capex_cash_oku
0.344222114
working_capital_reinvestment_oku
0.1295093102
acquisition_cash_oku
1.2436181192
cash_tax_timing_oku
0.1376888456
owner_FCFE_before_SBC_cash_hedge_oku
3.7475838066
sbc_hedge_cash_cost_oku
0.0103549983
owner_FCFE_after_SBC_cash_hedge_oku
3.7372288083
6
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fiscal_year_proxy
2042
year_index
6
売上高
69.5328670285
ebita_oku
6.7661818271
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.6615813714
acquisition_generated_finite_intangibles_amort_oku
0.1828851954
total_amort_oku
0.8444665668
tax_full_rate_pre_amort_oku
1.8237735687
tax_credit_on_intangibles_oku
0.106494306
reported_tax_oku
1.7172792627
ifrs_parent_NI_oku
4.1926032381
depreciation_ppe_oku
0.5562629362
sbc_noncash_oku
0.0521496503
capex_cash_oku
0.3476643351
working_capital_reinvestment_oku
0.1308044033
acquisition_cash_oku
1.2560543004
cash_tax_timing_oku
0.1390657341
owner_FCFE_before_SBC_cash_hedge_oku
3.7718936184
sbc_hedge_cash_cost_oku
0.0104585483
owner_FCFE_after_SBC_cash_hedge_oku
3.7614350701
7
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fiscal_year_proxy
2043
year_index
7
売上高
70.2281956988
ebita_oku
6.8338436454
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.5292650971
acquisition_generated_finite_intangibles_amort_oku
0.2205668244
total_amort_oku
0.7498319215
tax_full_rate_pre_amort_oku
1.8420113044
tax_credit_on_intangibles_oku
0.0945600847
reported_tax_oku
1.7474512197
ifrs_parent_NI_oku
4.324609417
depreciation_ppe_oku
0.5618255656
sbc_noncash_oku
0.0526711468
capex_cash_oku
0.3511409785
working_capital_reinvestment_oku
0.1321124474
acquisition_cash_oku
1.2686148434
cash_tax_timing_oku
0.1404563914
owner_FCFE_before_SBC_cash_hedge_oku
3.7966133903
sbc_hedge_cash_cost_oku
0.0105631338
owner_FCFE_after_SBC_cash_hedge_oku
3.7860502565
8
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fiscal_year_proxy
2044
year_index
8
売上高
70.9304776558
ebita_oku
6.9021820818
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.3969488228
acquisition_generated_finite_intangibles_amort_oku
0.2586252697
total_amort_oku
0.6555740926
tax_full_rate_pre_amort_oku
1.8604314174
tax_credit_on_intangibles_oku
0.0826733831
reported_tax_oku
1.7777580343
ifrs_parent_NI_oku
4.456779357
depreciation_ppe_oku
0.5674438212
sbc_noncash_oku
0.0531978582
capex_cash_oku
0.3546523883
working_capital_reinvestment_oku
0.1334335718
acquisition_cash_oku
1.2813009919
cash_tax_timing_oku
0.1418609553
owner_FCFE_before_SBC_cash_hedge_oku
3.8217472217
sbc_hedge_cash_cost_oku
0.0106687651
owner_FCFE_after_SBC_cash_hedge_oku
3.8110784566
9
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fiscal_year_proxy
2045
year_index
9
売上高
71.6397824324
ebita_oku
6.9712039027
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.2646325486
acquisition_generated_finite_intangibles_amort_oku
0.2970642995
total_amort_oku
0.561696848
tax_full_rate_pre_amort_oku
1.8790357316
tax_credit_on_intangibles_oku
0.0708346764
reported_tax_oku
1.8082010552
ifrs_parent_NI_oku
4.5891146955
depreciation_ppe_oku
0.5731182595
sbc_noncash_oku
0.0537298368
capex_cash_oku
0.3581989122
working_capital_reinvestment_oku
0.1347679075
acquisition_cash_oku
1.2941140018
cash_tax_timing_oku
0.1432795649
owner_FCFE_before_SBC_cash_hedge_oku
3.8472992534
sbc_hedge_cash_cost_oku
0.0107754527
owner_FCFE_after_SBC_cash_hedge_oku
3.8365238007
10
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fiscal_year_proxy
2046
year_index
10
売上高
72.3561802567
ebita_oku
7.0409159417
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0.1323162743
acquisition_generated_finite_intangibles_amort_oku
0.3358877195
total_amort_oku
0.4682039938
tax_full_rate_pre_amort_oku
1.8978260889
tax_credit_on_intangibles_oku
0.0590444445
reported_tax_oku
1.8387816444
ifrs_parent_NI_oku
4.7216170865
depreciation_ppe_oku
0.5788494421
sbc_noncash_oku
0.0542671352
capex_cash_oku
0.3617809013
working_capital_reinvestment_oku
0.1361155866
acquisition_cash_oku
1.3070551418
cash_tax_timing_oku
0.1447123605
owner_FCFE_before_SBC_cash_hedge_oku
3.8732736673
sbc_hedge_cash_cost_oku
0.0108832073
owner_FCFE_after_SBC_cash_hedge_oku
3.8623904601
11
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fiscal_year_proxy
2047
year_index
11
売上高
73.0797420593
ebita_oku
7.1113251011
finance_expense_oku
0
acquired_intangibles_legacy_amort_oku
0
acquisition_generated_finite_intangibles_amort_oku
0.3750993738
total_amort_oku
0.3750993738
tax_full_rate_pre_amort_oku
1.9168043498
tax_credit_on_intangibles_oku
0.0473031723
reported_tax_oku
1.8695011775
ifrs_parent_NI_oku
4.8542882006
depreciation_ppe_oku
0.5846379365
sbc_noncash_oku
0.0548098065
capex_cash_oku
0.3653987103
working_capital_reinvestment_oku
0.1374767425
acquisition_cash_oku
1.3201256932
cash_tax_timing_oku
0.1461594841
owner_FCFE_before_SBC_cash_hedge_oku
3.8996746873
sbc_hedge_cash_cost_oku
0.0109920393
owner_FCFE_after_SBC_cash_hedge_oku
3.8886826479
terminal_unfloored_residual_equity_oku
39.0707207673
terminal_limited_liability_floor_applied
いいえ
PV_2037_2046_FCFE_pre_hedge_oku
22.7981770926
PV_2047_onward_pre_hedge_oku
16.0481364013
PV_2037_onward_share_hedge_cash_oku
0.108162498
2047_terminal_forward_annual_acquisition_oku
1.3201256932
2047_sustainable_finite_intangible_amort_oku
0.3750993738
2047_owner_FCFE_pre_hedge_oku
3.8996746873
2047_owner_FCFE_after_hedge_oku
3.8886826479
zero_cash_2037_plus_hidden_in_terminal_not_in_timed_cashflows
はい
acquisition_productivity_crosscheck
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2036_full_year_EBITA_oku
6.3740493511
2037_EBITA_oku
6.4377898446
2037_EBITA_delta_oku
0.0637404935
prior_2036_annualized_MA_oku
1.1950925686
EBITA_yield_on_prior_2036_acquisition_assumed
0.08
potential_2037_incremental_EBITA_from_prior_MA_oku
0.0956074055
residual_organic_renegotiation_attrition_in_EBITA_oku
-0.031866912
does_NOT_add_MA_generated_EBITA_twice
はい
caution

Only illustrative productivity bridge. Real purchase dates, historical lagged acquisition effect, ROIC and organic margin are not split from company reported numbers in 2037.

valuation
内容を開く
initial_outlay_oku
60.668698455
discount_rate
0.095
pv_holder_cash_oku
7.9345974007
pv_terminal_oku
15.723595244
pv_total_oku
23.6581926447
fair_value_per_original_share_eur
40.06809699
price_upside
-0.6100428516
scenario_IRR
-0.018582272882
scenario_IRR_definition

cash and terminal both actual dated days since 2026-11-06 /365.25, with 2036-11-06 terminal at t=3653/365.25

terminal_discount_exponent_ACT36525
10.001368925394
valuation_revision_vs_v3

Only 2036 terminal PPA run-off, acquisition reinvestment and amort-tax credit; 55 period P&L, dividend/buyback, equity/cash/debt/SBC/holders unchanged.

reconciliation
内容を開く
net_sum_from_11_periods_oku
31.1457618516
payout_from_positive_timed_cashflows_oku
12.3548286419
mcap_from_old_cohort_fraction_oku
38.9714892759
final_parent_equity_oku
41.1399422787
final_gross_borrowing_oku
0
final_cash_oku
3.6404766284
final_net_debt_oku
-3.6404766284
final_nci_equity_oku
0.0137700206
forecast_2026_parent_NI_full_year_oku
2.7832946489
forecast_years

2026 55-day stub + FY2027-FY2035 + 2036 311-day stub

terminal_cashflow_event_count_check
はい
annual_ledger_count
11
terminal_ACT36525_exponent
10.001368925394
2037_acquisition_cash_annualized_link_to_2036_311d_oku
1.1950925686
retained_55_periods_exact
はい
segment_operating_profit_status

not_estimated

弱気（確率 5.0%）

低成長、特産品需給悪化、買収のれん減損、金利高。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

金額の単位

oku_EUR

事業の詳細

owner_understanding

製造ではなく特殊化学品・食品・化粧品・医薬関連原料の技術営業・配合支援・規制対応・在庫小口配送を提供する流通/処方プラットフォーム

supply_relationships

多くの長期的かつ相互排他的な供給者契約。ただし契約再交渉や系列変更のリスク

customer_relation

多業種・地域の分散した顧客基盤。価格転嫁余地は数量・用途・競合次第

industrial_cyclicality

建設・自動車・エネルギー向けは循環的。高付加価値ライフサイエンス部門と区別

asset_light_qualification

物的設備投資は小さいが、在庫・債権運転資金と買収対価は実際の投資であり、すべてのEBITAをオーナー利益とはみなさない

競争力の詳細

競争優位性

medium_to_strong_but_not_irreplaceable

moat_rationale
1

分散した仕入先・需要家を結ぶ技術営業、配合ラボ、現地規制、長期取引関係

2

世界共通ITと技術サポートの規模・紹介密度が新規参入コストを高める

3

価格と数量、顧客別製品採用で循環・供給者の直販/乗換えリスクを持つ

capital_allocation

買収拡大型。のれん/顧客関係償却を現金コストと混同しない一方、買収を恒常的な成長投資としてFCFEから差し引く

debt_guardrail

2026-09-30 net debt 2.6x operating EBITDA; financial covenant maximum 4.25x H1 report

reported_cash_flow_warning

会社のFCFは利息・税・買収後の株主FCFEではない。会社定義を再構成する必要がある

業界の詳細

drivers
内容を開く
1

特産化学品の数量/単価/製品ミックス

2

技術サポート/調合の継続性

3

買収倍率とシナジー

4

運転資本効率

5

欧米工業循環とアジア成長

risks
内容を開く
1

サプライヤーの販売代理契約変更

2

化学品規制と顧客景気

3

のれん減損

4

為替換算差とキャッシュ滞留

5

買収後の資金負担/金利高

財務・資本配分の詳細

dividend_policy

adjusted net income (reported NI + net-of-tax intangible amortisation) 25%-35% target (2025 Annual Report); model pays ~27%-35%

real_2026_paid_dividend
内容を開く
ex_date

2026-05-05

record_date

2026-05-06

payment_date

2026-05-08

eur_per_share
1.81
group_paid_oku
1.06869
treatment

paid_prior_to_asof_excluded_from_new_cohort_cashflows

repurchase

only historical LTI replenishment/treasury, no evidence of large-scale buyback program at cutoff

sbc

NI always after cost SBC; equity-settled noncash SBC reserve credited once; treasury shares delivered with zero cash but ownership dilution; employer purchase of treasury stock is a real financing cashflow; future 2037+ sustainable FCFE deducts SBC-neutral share-repurchase cash

評価根拠の詳細

not_market_per
はい
not_prior_5yr_payout
はい
terminal_on_2036_11_06_not_fy2036_end
はい
use_actual_price_just_as_entry_cost
はい
eps_and_cash_eps_not_interchangeable
はい
not_hypothetical_2026_year_end_realized
はい

分析基準とデータ

価格・単価
102.75
price_currency

EUR_per_share

price_source_status

secondary_price_crosscheck_primary_close_unverified

株数
59044962
issued_shares_2025_12_31_actual
59107999
own_shares_2026_06_30_actual
63037
actual_share_count_2026_11_06
未確認
share_denominator_status

proxy_2026_06_30_no_confirmed_share_transactions_Jul-Nov

終価
60.668698455
start_original_cohort_shares
59044962
start_old_cohort_float_fraction
1
excluded_treasury_does_not_own_dividend
はい
price_status_warning

102.75 EUR price is corroborated by stockanalysis.com and MarketScreener AMS IMCD date rows, but original exchange daily tick/official historical price feed could NOT be verified.

株価の出所

StockAnalysis 2026-11-06 102.75 EUR; Euronext日次原票未確認

株数の出所

2025年末発行59,107,999株から2026年6月末自己株63,037株を控除。2026-11-06実株数は未確認の代理値。

price_source_status_original

secondary_AMS_2026_11_06_date_row_two_independent_providers; original_Euronext_daily_price_record_NOT_verified

検証上の留意点

1

日付: 2026-11-07～2026-12-31=55日、FY2027～FY2035=9×通年、2036-01-01～2036-11-06=311/366日、2026-11-06を収益に含めず2036-11-06を含む。

2

11月6日から2036年11月6日は暦日3653日=ACT/365.25 10.0013689年だが、株譜旧来の厳密同日10年終点の割引指数は10とする。日付別現金IRRはACT/365.25。

3

per case net_sum_oku=11期中のSBC費用控除後の親会社NI合計で2036年11/7～12/31や2037年利益を含まない。

4

payout_oku=保有比率に応じた配当現金＋旧株主の比例売却買戻し受取の合計であり、現金受取ゼロの交付/権利落ち/決議は合計に入れない。

5

mcap_oku=2036/11/06に現存する旧株主コホート残存株数に対応する持分価値。会社全体の終価とは別。

6

timed_cashflowsに終価を加えない。全将来ex-date/record-date/employee-share-delivery/AGM/結果公表の再評価用ゼロ額イベントを保持。

7

2026/5の確定配当1.81 EUR/株は権利落ち・支払済で、11/6購入コホートCFではない。2027以降の金額とex-dateは全て未宣言の仮定。

8

最終年度の2027～2036権利落ちが支払日に先行すること、配当権がex-dateに固定されることを株数台帳と日付イベントで照合。

9

2026年9月末の現金と総負債、9M親会社利益の精密値、11月6日実株数は未開示、代理の断定禁止。

10

会社free cash flow APMは税・利払・買収を控除した旧株主自由CFではない。持続再投資を残して2037～2046年の明示的FCFEと2047年以降のGordon末価を算出。

11

維持目的の将来SBC株式補填買付は額面SBC費用と等しくない。2037年以降の想定交付株×将来終価株価を自整合的に割り引いて一度だけ控除。

12

旧株主買戻しCFは比例応札シミュレーションであり単独の株を売らない継続保有者の現実受取とは異なる。会社の自己株買い前提は保証・発表済でない。

13

既公表の買収利益(9M集計)とH1取得代価を将来買収額として重複計上していない。Meritの対価はnull。

14

全5ケース確率=1、55期間の前期末=次期首、PBT/NI/資本/現金/借入/株数のブリッジ残差許容1e-8億EURで実装。

15

終価キャッシュの割引もACT/365.25で統一し、2036-11-06の指数3653/365.25=10.0013689254。日付は暦で厳密に10周年だが数式上は指数10固定にしない。

16

v3の2037買収・条件付支払年額だけを減らす段差を撤回。各2036年311日支出×366/311で2037買収出金を年額接続し、2024/2025実績との差も感応度で保持。

17

2037の1.7793億EUR（中立）無形償却は買収関係の歴史的残高から生じる非現金費用であり永久1.7793億加算とは扱わない。10年間旧PPA線形減衰＋30%新PPA/10年償却の未検証仮定で2037～2047以後の税効果を接続。

18

実際の2025年償却関連税控除0.128億/償却1.015億=12.6108%をIFRS会計税効果の代理率に用い、税率26.5%全額控除と区別。実際の現金税効果は未確認。税額の差はNIとCFで一度だけ処理する。

19

Euronext原票の当日値は再取得できず取引所一次照合完了としない。102.75EURは複数二次サイト日付行による確認。

20

全11期の期間、親会社利益合計、旧株主還元、SBC、配当権利落ち・支払の0額イベントはv3から全件同一。変更は2036終点の将来維持投資とその評価・説明・時間指数に限定。

21

V4 updated all scenario/weighted ACT terminal PV, IRR, price and multiple; other 55-period and dated flows retained bit-for-bit from V3.

追加データ・検証記録

分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。

追加データを開く →

分析に使用した資料

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